I have been away from the forum for a while so have missed any mentions of moneybox.
I’m in the process of moving my current account from Starling to Monzo. One thing I do love is that my Starling CA is linked to my moneybox account so I’m automatically building a nice little ISA.
Whats the progress of Monzo doing the same with moneybox?
Thanks for the help.
I asked them yesterday and they are still waiting on the Monzo API to be released
Spencer, you should be able to connect Monzo CA from the Moneybox app.
Yeah sorry, should have mentioned I was talking about the round up feature… my bad.
Ok, thanks Johnny & Danny. I must be missing something, as when I go into the connect an account page, I see a list of banks, but nothing for Monzo?
Ah, perhaps MoneyBox isn’t recognising Monzo’s sort code. This has been an issue with a number of companies.
Was struggling to work this out too. I’ve asked Moneybox customer support if it is possible. Will update as soon as I get something back from them.
It works for me I set it up yesterday
@Lucky_Luxy are you looking at the round up round up accounts bit as if you are that is not supported yet
Yeah, I was looking in the round ups section where it has Rounded up accounts. A list of banks, but no Monzo. How did you add it?
You can’t yet they are waiting for Monzo API
Only thing you can add is direct debit details
How did you add the direct debit for moneybox to Monzo? Was it a pain? I just had a message from moneybox stating I’ve got to send them copies of bank statements from my old bank and new bank! How did you send a statement from Monzo?
I did a junior ISA for my little one so maybe the procedure is different, I just entered details and that was it.
I just had someone from moneybox say that because they are a financial services organisation, they are under strict fraud prevention and anti-money laundering obligations! So before they will even set up a direct debit, I’ve got to get a statement from my old bank and a proof of account from Monzo!
Spencer. I have a solution from MoneyBox. I’m just awaiting their consent for me to post it here. It will save them time and help Monzo customers.
Probably the same reply I got. I’ll leave you to it Johnny.
Nice one, that would be great Johnny. Thanks!
@Lucky_Luxy here’s the response that Tom at MoneyBox has given me permission to post in the Monzo Community:
As you’ve already had funds taken from your original Direct Debit account, there are two ways you can change your Direct Debit - the Manual Change or the Auto Change. See below:
The first step will be to cancel your current Direct Debit with your bank. This will prevent any further money from being debited from that account.
We will require evidence that both your original account, and the account to which you wish to move your Direct Debit, both belong to you. We appreciate this is an inconvenience but as a financial services organisation, we are under strict fraud prevention and anti-money laundering obligations.
(a) We will need you to send us a recent bank statement for both your existing account and your new account. The easiest way is to send us a download of your statement from your online banking, saved in PDF and sent through to us here (the alternative would be to send us a photograph of the original paper statement) - in either case showing name, address, sort code and account number; and
(b) We will deposit a small amount of money in each account, each with a unique reference. You will just need to quote back to us the exact amounts and reference.
I will then be able to send you a Direct Debit update notification, which you will receive via the App, and we can get the DD change underway.
Re: Monzo current account - Monzo do not provide statements, so we’ve devised an agreement between ourselves; if you ask Monzo for written proof of account ownership for use with Moneybox, they should write you a letter confirming this. We’ll then be able to accept this in lieu of a bank statement. Just make sure it includes your account number and sort code, and we can make the required payments to confirm account ownership.
MoneyBox was receptive to my request and positive in proposing a solution in lieu of the awaited Monzo API.
I’m confused as to why you guys are being asked for all that stuff, when I didn’t.
I’m confused why you’d want to pay moneybox’s outrageous fees when you could just set up a standing order into an ISA